Market is turning weak and has to quickly regain 10740 if immediate bull rally is to be sustained. Exit was recommended to all the followers after market stayed below 10740 for more than an hour at 10:30 AM today. Beside bears in control today, bulls managed to bring market back to 10737 at closing.
Re-balancing of powers between bulls and bears at closing sum up to its previous trend.
Current trend: No trend
I am bullish on market at the moment. Expecting 2-3 strong candles in this week.
Levels to watch for:
10740 – Start buying above this level if it is sustained for more than an hour.
10680 – Start selling if this level is sustained for 30 minutes or more.
Above 10740, hold buy for targets of 11000, 11100.
Below 10680, sell targets will be 10620, 10580.
No trading between 10680 and
10780 10740 <-- Corrected.
Hedge if holding buy position.
Open shorts below 10680 and hold hedge trade while facilitating staged selling.
Verdict basis (No change):
Am bullish based on multiple factors and behavior of market that points toward trap for sellers. But option chain is indicating imbalanced market. Thus, giving levels to protect margins of my followers.
Market is not in trend. Wait for either 10740 or 10680 to be broken on sustained basis.